All Forum Posts by: Dana Sample

I've been noticing that on market properties with high ARV & large spread after repairs/rehab have been sitting on the market for long periods of time due to current tenants.

Are there any rehab investors out there well versed in purchasing properties with tenants delivered with the property? Especially in Los Angeles and Orange County.

How do you guys get current tenants out with the current memorandum?

Thanks from a noob wholeseller, definitely took notes! 

@Johnard Reyes

what’s the asking price?

How long has it been on market?

Have you reached out to the listing agent?

Is current offer at or above listing?

Is the total building sqft 1159?

How did you come up with $30k for rehab?

I’m a brand new wholesaler as well, but it doesn’t seem like enough of a spread for your end buyer.

@Betty Yeo why do you think it’s wrong?

Hey guys, I’m brand spanking new to RE investing (well, actually jumping in and taking action). I’ve been doing research and took some courses. Was attending RE meetups before COVID.

My first property I was able to submit an offer under market (which is far and very FEW in between right now), so I took the tour yesterday.

It's listed at $435k with $20k EMD, ARV: $505k (which isn't a huge spread), it's been on market 6 months (which is also rare for this market).

So after the inspection (with a professional inspector) there seemed to be nothing wrong with roof/structure. There’s no garage, but amble parking behind the building. And there’s several neighbors who have added extra unit in the back (parking area) for extra income, so that could be a plus as well for the right buyer.

There’s 6 other flips in the last 6 months, within a .75 mile radius. And I found the flippers of those properties to be potential end buyers.

So my mind got to wondering why has this property not moved, seems SMOKING HOT!

Well my conclusion has lead me to believe it’s the tenants!! The property is in SoCal, and our governor just extending eviction moratoriums until 6/2021 (and who knows how long after that 🙄). Listing agent says tenants have 800 credit score, but I think this is a red flag! If tenants have such good credit, why haven’t they left yet?! I’m thinking they have no intentions to leave the easy way.

I’m thinking of passing on this property, as I don’t have a buyer yet that wants to deal with tenants.

So if you made it through all the details...What’s you guys’ take on this?!!